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The Real Deal NYC

Gehry, Calatrava to design resi buildings at Hudson Yards

World-renwowned architects Santiago Calatrava and Frank Gehry are lined up to design residential towers at the second phase of Hudson Yards. The Related Companies and Oxford Properties Group tapped the two designers as they get ready to shift their focus to the mostly-residential second phase of the megaproject, the Wall Street Journal reported. Gehry recently said the High Line, which wraps around the western rail yards where most of the residential buildings will rise, is “a […]

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St. Lucia ambassador forced to leave infested apartment: lawsuit

When they say “politics is a dirty business,” they didn’t mean this. An ambassador from St. Lucia was forced to leave his Murray Hill apartment because the landlord wouldn’t clear out the roaches and vermin living there, the New York Post reported. Cosmos Richardson’s $6,500-a-month apartment at 126 East 36th Street was infested and in need of repairs, but the landlord never responded, according to a lawsuit the government of St. Lucia filed. “This is where he […]

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China has 5 times the number of millennials the US has

Think the Millennial generation has been a boon to New York City real estate? Well consider this: China has about 400 million millennials. That’s more than the total population (all ages) of the United States and Canada combined. China has five times as many people born between 1982 and 1998 than the 80 million here in the United States, according to the New York Post. Some 90 percent of Chinese millennials own a smartphone. And […]

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Howard Milstein is teeing up his new golf magazine for a move

Howard Milstein just bought Golf and Golf.com from publisher Meredith for an estimated $15 million, and now he’s moving their offices into one of his office towers. Milstein is moving the magazine’s offices to the same building that houses the Emigrant Savings Bank in Midtown, the New York Post reported. Milstein is chairman of the bank, the oldest savings entity in the city, and Milstein Properties owns the building its headquartered in at 5 East […]

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Here’s why Wall Street is snapping up poorer single-family homes

Wall Street companies that started snapping up single-family homes in the wake of the foreclosure crisis tended to stay away from cheaper properties rented by poorer tenants. But a new wave of investors are buying the homes cast aside by the big, established landlords, Bloomberg News reported. “Larger companies are getting rid of underperforming assets,” explained Jade Rahmani, an analyst at Keefe, Bruyette & Woods Inc. “That’s leaving an opening for companies to move more […]

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Canada’s pot industry will need 8M sf of industrial space by 2020

You must be high, eh? Canada’s pot industry will need more than 8 million square feet of industrial real estate by 2020, Bloomberg News reported. That would be about the size of Amazon’s Seattle headquarters, which houses about 40,000 workers across multiple buildings. The 8 million-square-foot figure includes distribution and logistics centers, and would be more than five times the current level, according to JLL. Canada is slated to make recreational marijuana legal in August […]

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Everything and the office sink: Adjmi, Andreoli accused of stiffing landlord on $31K in rent

Architects can spend hours obsessing over fixtures in an office space. But a Brooklyn landlord claims two architects removed the sink and other fixtures from her building and stiffed her on more than $30,000 in rent. Loeffler Properties, a Maryland-based company headed by Vera Loeffler, is suing Morris Adjmi and Aldo Andreoli for allegedly failing to pay $31,249.98 in rent for three months at 70 North 8th Street. The two also failed to pay $7,193 […]

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Trump Organization sues Saudi prince for $1.8M in unpaid rent

The Trump Organization sued Prince Faisal Bin Abdul Majeed Bin Abdul Aziz Al Saud in a Manhattan court for allegedly not paying more than $1.8 million in rent at his Trump Park Avenue penthouse. In the six-page complaint, an LLC under the umbrella of President Donald Trump’s namesake company alleges the prince stopped paying rent in January 2017 on a lease that runs through June of 2019. The unpaid bill comes to $1.8 million and […]

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Exec Adam Popper is out at Columbia Property Trust

Adam Popper is no longer at Columbia Property Trust, the company confirmed during its fourth-quarter earnings call on Thursday. Popper, who joined the real estate investment trust in February 2016, was in charge of investments and asset management in the eastern U.S. It wasn’t immediately clear why Popper left, whether he was fired, or whether he is moving to another company. He could not immediately be reached for comment. “Adam worked with us for couple […]

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US housing starts were up 10% in January, led by multifamily building

Housing starts nationwide jumped 9.7 percent in January over December, thanks largely to a 19.7 percent increase in residential rental and condominium starts — the biggest increase since December 2016. The annual pace of starts nationwide last month was 1.33 million, up from 1.21 million in December and up from 1.24 million last January, according to the Department of Commerce. January’s increase followed December’s sharp drop of 8.2 percent to an annual rate of 1.19 […]

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